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Culp Announces Results For First Quarter Fiscal 2011

Culp, Inc. (NYSE: CFI) today reported financial and operating results for the first quarter of fiscal 2011 ended August 1, 2010.

Highlights for the first quarter of fiscal 2011 include the following:
  • Net sales were $55.9 million, a 23 percent increase compared with the first quarter of fiscal 2010, with mattress fabrics segment sales up 18 percent and upholstery fabric segment sales up 30 percent over the same period a year ago.
  • Pre-tax income was $4.3 million, or 7.7 percent of sales, compared with $2.0 million, or 4.4 percent of sales in the prior year period, an increase of 115 percent.
  • Net income was $3.7 million, or $0.28 per diluted share, compared with net income of $1.9 million, or $0.15 per diluted share, for the first quarter of fiscal 2010.
  • The company’s financial position remained strong, with cash and cash equivalents and short term investments of $18.1 million and total debt of $11.6 million as of August 1, 2010.
  • The projection for second quarter fiscal 2011 is for overall sales to increase in the range of 5 to 10 percent. Mattress fabric sales are expected to be flat to up five percent and upholstery fabrics sales are expected to be up 10 to 15 percent compared with the second quarter of fiscal 2010. Pre-tax income for the second quarter of fiscal 2011 is expected to be in the range of $3.5 million to $4.0 million.

Overview

For the period ended August 1, 2010, net sales were $55.9 million, a 23 percent increase compared with $45.5 million a year ago. The company reported net income of $3.7 million, or $0.28 per diluted share, for the first quarter of fiscal 2011, compared with net income of $1.9 million, or $0.15 per diluted share, for the first quarter of fiscal 2010. On a pre-tax basis, the company reported income of $4.3 million compared with pre-tax income of $2.0 million for the first quarter of fiscal 2010.

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